Good news for Texas' luxury hotel scene: Manchester Texas Financial Group, the developers of The Fairmont Austin hotel, have secured project financing, and the Austin Business Journal predicts that the $370 million project will break ground in early November.

Located at Cesar Chavez and Red River streets, the 37-story Fairmont Austin will be the second-tallest building in Austin's skyline (after the 680-foot Austonian residential tower) at 595-feet-tall.

The hotel, which does not yet have an estimated opening date, is expected to have have more than 1,060 rooms and will cover an estimated 1.4 million square feet.

Hunt Construction Group was tapped to oversee the building back in May, and the company said at the time that locally sourced materials would be prominently used in the property. Expect to see Texas limestone, walnut and mesquite woods, granite and ‘hand-tooled’ leathers both indoors and out. Good news for green travelers: Green building features will also target achieving the U.S. Green Building Council’s LEED certification and Austin Energy’s Green Builder rating.

For large-scale events, the building will connect directly to the Austin Convention Center by way of an aerial walkway. The Austin hotel will also have more than 106,000 square feet of meeting space, plus a 19,000 square foot deck. It is expected to generate more than $15 million in hotel occupancy tax revenue and more than $6 million in property taxes each year.